Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the FIFO method

Question:

Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the FIFO method and a perpetual inventory system. The sales price of each putter is $128. Company records indicate the following for a particular line of Golf Haven€™s putters:

Date Item Quantity Unit Cost Nov 1 Balance $68 17 Sale Purchase 20 $74 Sale 17 20 Sale 30

Requirements
1. Prepare a perpetual inventory record for the putters. Then determine the amounts Golf Haven should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize Golf Haven€™s inventory transactions using the FIFOmethod.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...